Health Insurance can be one of the most frustrating things to shop for.  Trying to understand deductibles, co-pays, co-insurance.  As if you didn’t have enough things to do in your day.  Now you have to try and navigate all this insurance jargon.

With the ever increasing precense of the internet, more and more people are taking the do-it-yourself route when it comes to shopping for insurance.  Whether it’s for their car, their home, or their medical coverage, they enjoy the ease of getting multiple quotes in one place.  I myself have shopped for insurance this way.

I own a small business unrelated.  I was without health insurance.  Prior to getting in to the insurance field, I experienced first hand the frustation of shopping for health insurance.  I would choose the cheapest plan that looked great, office visits, decent deductible.  Only to get a bill from my doctor later, going WTH?  I tried going through a broker.  Maybe my first clue should have been him requesting me to come to his house to discuss coverage.  That plan sucked too.  Of course I didn’t know it until I had to use it.

And there in lies the frustration with health insurance.  While it serves it’s purpose in keeping us financially secure.  My expection of what I was purchasing was not inline with what I was actually getting.

So when I say it’s up to you.  What I mean is that it’s important to ask the right questions.  What does the coverage do if X happens?  What about Y?  If I get cancer is that included in the coverage I purchased?  What about prescription coverage.  I see that it’s included, but do I need to get approval before I go to the pharmacist.

By asking all the right questions up front you can alleviate some of the frustration that you run into on the back end.  Of course when you shop online, who are you going to talk to?  Well, there is a reason why they have a talk to live support on most insurance websites.

Make sure you do you due diligence. If it seems confusing consult a licensed agent.  While most of the time your dealing with guys/gals who are hounding you because of a quote request.  It’s amazing how helpful they will be answer questions when you are calling them.  Agents know their stuff.  Thats why they have a license.  Good luck!

Originally posted 2009-07-09 04:40:56. Republished by Blog Post Promoter

2010 offers individuals and families additional opportunities to save for current and future health care with a health savings account:

• HSA holders can choose to save up to $3,050 for an individual and $6,150 for a family (HSA holders 55 and older get to save an extra $1,000 which means $4,050 for an individual and $7,150 for a family) – and these contributions are 100% tax deductible from gross income.
• Minimum annual deductibles are $1,200 for self-only coverage or $2,400 for family coverage.
• Annual out-of-pocket expenses (deductibles, co-payments and other amounts, but not premiums) cannot exceed $5,950 for self-only coverage and $11,900 for family coverage.

Single

Minimum Deductible:     $1200

Maximum Out-Of-Pocket:     $5950

Contribution Limit:     $3050

55+ Contribution Limit:     $1,000

Family

Minimum Deductible:     $2400

Maximum Out-of-Pocket:     $11,900

Contribution Limit:     $6150

55+ Contribution:     $1000

Originally posted 2010-03-09 09:19:49. Republished by Blog Post Promoter

Many people immediately balk at the mention of insurance plans with high deductibles of $5,000 or more.

Why do I need insurance if I have to pay $5,000 out of my own pocket before anything is covered?

Common misconception, and many people are simply uneducated about the higher deductible plans, and how they may actually benefit them.

• These plans are ideal for the healthy, self-employed, and active individuals who don’t frequent the doctor more than once a year.
• Most high deductible plans feature at least one annual doctor’s visit per year without dipping into the deductible, and also discount prescriptions if you do happen to need them.
• The higher deductible makes the monthly premiums much more affordable, and in many cases allows you to save more money using an HSA (Health Savings Account).
• They offer protection against major illnesses and accidents, and the peace of mind that comes with knowing you are protected.

I personally view high deductible plans as an opportunity for people to take their health more seriously, and to take ownership and responsibility for their lifestyles.

Stop smoking, lose that weight, check your skin for suspicious moles, do self-breast exams, run that race you have been putting off.

Do your part to insure that you do not need to dip into that high deductible, and take ownership of your health.

What are your thoughts on high deductible insurance plans?  Is it something that you have considered?

Originally posted 2011-02-10 15:04:29. Republished by Blog Post Promoter

Frequently Asked Questions

If you have a health insurance plan that states office visit copay: 20% after deductible, what is the cost of your office visit?

Great question. If your plan does not include office visits prior to the deductible, you are responsible for the full cost of the office visit. That is, until you satisfy the deductible.

Once you satisfy your deductible you would be responsible for 20% of the cost of the office visit.

Example:

• You have satisfied your deductible
• Doctors Office charges you $100 for an office visit
• The insurance company would pay $80 dollars towards the office visit
• You would be responsible for the remaining $20 dollars.

Frequently Asked Questions

If you have a $0 copay for office visits after your deductible, how much does your office visit cost? That depends.

At first glance, without knowing what your copay before the deductible, all indications would be that you would pay nothing for your office visit. Of course assuming you have satisfied your deductible.

If you haven’t hit your deductible and you aren’t sure what your copay is before the deductible, a quick way to figure that out would be to look at your health insurance card.

Here is an example:

A quick review of the left side of the card shows your office visit copay is $25.  $35 for a specialist.  It also lists your X-Ray, Lab, and prescription benefits.  Your card may be different.

If you have questions please comment or feel free to ask us anonymously at http://www.formspring.me/michiganhealth

Make it a great day!

Billy